New Delhi, June 3 -- On Monday, India's government notified the guidelines of a policy announced last March to lure foreign investment in electric vehicle (EV) making, with a five-year window of easy market access as its bait.

A company or group with at least Rs.10,000 crore in global auto revenues and Rs.3,000 crore invested in fixed assets can soon apply for the benefits of this scheme.

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If an EV-maker pledges to invest Rs.4,150 crore in Indian manufacturing facilities within three years, backed by a bank guarantee-and with at least 25% domestic value addition achieved in that span and 50% in two more years-it will annually be allowed to import ...